Thomas Russo – Gardner Russo & Quinn Portfolio Activity & Recent Trades (Jun 30, 2025)

As of Jun 30, 2025, the Gardner Russo & Quinn portfolio activity showed several notable changes in holdings, according to the latest SEC 13F filing reported on Aug 13, 2025. The activity included new positions, additions to existing holdings, reductions, and complete exits, providing a clear view of how the portfolio evolved during the quarter.

During Q2 2025, the filing reported:

New Buys – Deliveroo (DROOF), Zalando (ZLDSF)

Increases – Uber Technologies, Inc. (UBER), Ashtead Group (ASHTF), Heineken Holding (HKHHF), DoorDash, Inc. (DASH), Swiss Helvetia Fund, Inc. (The) (SWZ), and 7 more

Reductions – Lindt & Spruengli (COCXF), Costco Wholesale Corporation (COST), Lotus Bakeries (LTSSF), Pepsico, Inc. (PEP), American Express Company (AXP), and 41 more

Complete Exits – Merck & Company, Inc. (MRK), BP p.l.c. (BP)

These updates highlight how the portfolio adjusted across different sectors and market conditions, offering insights into allocation shifts and investment trends.

Gardner Russo & Quinn Activity

Date	Symbol	Name	Type	Quantity	Value	Remaining
Q3 2022Sep 30, 2022	DIS Walt Disney Company (The)	Walt Disney Company (The)	Sell	-412-7.9%	$452.00	4,792
Q3 2022Sep 30, 2022	FULT Fulton Financial Corporation	Fulton Financial Corporation	Sell	-448-0.7%	$1.07K	67,605
Q3 2022Sep 30, 2022	MKC McCormick & Company, Incorporat	McCormick & Company, Incorporat	Sell	-900-2.0%	$3.22K	45,150
Q3 2022Sep 30, 2022	CXT Crane NXT, Co.	Crane NXT, Co.	Sell	-1,075-1.4%	$6.42K	73,281
Q3 2022Sep 30, 2022	MSFT Microsoft Corporation	Microsoft Corporation	Sell	-1,319-36.3%	$538.00	2,310
Q3 2022Sep 30, 2022	HRL Hormel Foods Corporation	Hormel Foods Corporation	Sell	-2,335-1.7%	$6.01K	132,281
Q3 2022Sep 30, 2022	MLKN MillerKnoll, Inc.	MillerKnoll, Inc.	Sell	-2,400-9.0%	$378.00	24,230
Q3 2022Sep 30, 2022	PG Procter & Gamble Company (The)	Procter & Gamble Company (The)	Sell	-2,440-6.5%	$4.43K	35,091
Q3 2022Sep 30, 2022	CABJF Carlsberg	Carlsberg	Sell	-3,985-12.2%	$3.39K	28,771
Q3 2022Sep 30, 2022	V Visa Inc.	Visa Inc.	Sell	-5,428-1.5%	$64.53K	363,212
Q3 2022Sep 30, 2022	VMC Vulcan Materials Company (Holdi	Vulcan Materials Company (Holdi	Sell	-6,480-10.5%	$8.74K	55,407
Q3 2022Sep 30, 2022	HEINY Heineken N.V.	Heineken N.V.	Sell	-6,926-24.0%	$968.00	21,982
Q3 2022Sep 30, 2022	DVDCF Campari	Campari	Sell	-9,015-1.1%	$7.26K	813,493
Q3 2022Sep 30, 2022	MLM Martin Marietta Materials, Inc.	Martin Marietta Materials, Inc.	Sell	-12,044-1.1%	$343.92K	1,067,783
Q3 2022Sep 30, 2022	HKHHF Heineken Holding	Heineken Holding	Sell	-13,074-0.2%	$566.93K	8,208,621
Q3 2022Sep 30, 2022	BF-B Brown Forman Inc	Brown Forman Inc	Sell	-13,803-1.3%	$68.76K	1,032,898
Q3 2022Sep 30, 2022	PDRDF Pernod Ricard	Pernod Ricard	Sell	-17,861-0.6%	$556.08K	3,005,697
Q3 2022Sep 30, 2022	OUT Outfront Media	Outfront Media	Sell	-25,600-9.6%	$3.66K	240,833
Q3 2022Sep 30, 2022	CFRHF Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-25,611-0.4%	$559.73K	5,843,425
Q3 2022Sep 30, 2022	JPM JP Morgan Chase & Co.	JP Morgan Chase & Co.	Sell	-25,928-1.3%	$201.53K	1,928,564
Q3 2022Sep 30, 2022	CFRUY Compagnie Financiere Richemont	Compagnie Financiere Richemont	Sell	-30,479-18.1%	$1.32K	138,220
Q3 2022Sep 30, 2022	BRK-B Berkshire Hathaway Inc. New	Berkshire Hathaway Inc. New	Sell	-30,880-1.8%	$458.71K	1,717,887
Q3 2022Sep 30, 2022	MA Mastercard Incorporated	Mastercard Incorporated	Sell	-44,937-1.7%	$756.87K	2,661,848
Q3 2022Sep 30, 2022	WFC Wells Fargo & Company	Wells Fargo & Company	Sell	-46,272-5.6%	$31.55K	784,511
Q3 2022Sep 30, 2022	BF-A Brown Forman Inc	Brown Forman Inc	Sell	-49,547-1.9%	$177.28K	2,624,001
Q3 2022Sep 30, 2022	BUDFF AB InBev	AB InBev	Sell	-79,589-11.0%	$29.44K	642,884
Q3 2022Sep 30, 2022	PM Philip Morris International Inc	Philip Morris International Inc	Sell	-87,823-1.3%	$568.81K	6,852,288
Q3 2022Sep 30, 2022	NSRGY Nestle S.A.	Nestle S.A.	Sell	-88,268-1.0%	$938.62K	8,722,425
Q3 2022Sep 30, 2022	UL Unilever PLC	Unilever PLC	Sell	-555,789-8.0%	$280.89K	6,407,128
Q3 2022Sep 30, 2022	CMCSA Comcast Corporation	Comcast Corporation	Sell	-734,965-15.6%	$116.90K	3,985,573

Page 25 of 88 • 2628 total trades

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